Up, Up and Away

Reuters Events – Energy Transition North America 2022 – #ETNA2022 – Register Now – Houston, Texas; November 9–10

The government reported at the end of June that consumers nationwide — families and individuals — spent eight and a half percent more in May than in May of last year. This large increase is partially due to buying more goods and services. And partially due to higher prices for what they bought.

Consumers however spent nineteen and a half percent more on one particular service in May than in May of last year, electricity. And a bit more than thirty-six percent on natural gas. These very large increases must be mainly due to higher prices for kilowatt-hours and therms. Which in turn have been caused by the prices of gas globally.

As a result, electricity was 1.38 percent of all purchases by consumers of goods and services. This was up from May of last year when electricity was 1.25 percent.

The sixties song by The 5th Dimension alluded to a much more pleasant ride up. In a beautiful balloon.